DETROIT (AP) - General Motors Corp.'s new chief executive said Tuesday that more of the automaker's plants could close as part of GM's effort to meet new, tougher requirements for government aid.
In his first press conference as CEO, Fritz Henderson said he expects the company would "need to take further measures" in terms of plant closures. That's beyond the five plants the company said it would shutter when it submitted a restructuring plan to the government last month.
GM is likely to offer another buyout program to workers as it looks to cut labor costs, Henderson said.
The company has 60 days to make more cuts and get more concessions from bondholders and unions or it faces bankruptcy.
He also said on the fate of GM's Hummer brand will come in the next few weeks.
Shares of GM fell 24 cents in morning trading Tuesday.
In an effort to increase sales, GM launched its "Total Confidence" program which will make car payments for customers who lose their jobs through no fault of their own.
GM will make up to nine payments of $500 each to qualifying customers. Consumers must qualify for state unemployment to be eligible for the program.
The program starts April 1 and runs until April 30.